Many markets, including markets for IPOs and debt issuances, are syndicated: each winning bidder invites competitors to join its syndicate to complete production. Using repeated extensive form games, we show that collusion in syndicated markets may become easier as market concentration falls,...

We examine the mechanics of deterrence and intervention when fear is a motive for conflict. We contrast results obtained in a complete information setting, where coordination is easy, to those obtained in a setting with strategic risk, where players have different assessments of their...

We examine the determinants of cooperation and the effectiveness of deterrence when fear is a motive for conflict.We contrast results obtained in a complete information setting with those obtained in a setting with strategic risk, where players have different information about their environment....